We know that we will be able to fly the Falcon, but man this thing looks fast, ignoring the low res textues for just some simulated runs, enjoy the video.

And from Bungie themselves, their comments on the project:

Mid7night continues to do work in X-Plane, crafting a flyable Falcon from the trailer assets. Links to the video and description below.  Pretty sweet!

"I've continued to work on the UH-144 in X-Plane, and thought I'd share some pics and vids with y'all. While I DO hope to fully model the interior/exterior better in the future, I'm having WAY too much fun flying it right now. ;)

I'm REALLY wishing I could get a proper three-view with dimensions for this thing - scaling off the trailer-vid is a PAIN. :-P

Here's how it stands so far - please PLEASE forgive the rough model and textures, I've been focusing on the flight-model and control setup (not trivial)."

Seems like it is coming along great, and I for one can not wait for this.